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Haiti - Economy : Pre-review of Laurent Lamothe
26/12/2013 10:25:29

Haiti - Economy : Pre-review of Laurent Lamothe
Monday, Prime Minister Laurent Lamothe, who will present early January 2014, the new review of his government before the National Assembly highlighted a number of achievements, especially at the economic level and outlined some prospects for 2014.

The amount of foreign exchange reserves remained during the holiday season in December 2013 at a fairly comfortable level, 1 billion 132 million U.S. dollars, with ratios of bank profitability improved considerably. According to an International Monetary Fund mission led by Gabriel Di Bella, in early December https://www.haitilibre.com/en/news-9977-haiti-economy-imf-statement-of-end-of-mission-in-haiti.html , it was recognized that the gross domestic product (GDP) had grown by about 4% during fiscal year 2013 as a result of the renewal of reconstruction spending,an increase in textile exports, and a better than expected result for agriculture.

Inflation, which had peaked at nearly 8% after drought and bad weather last year, stood at 4.5% at the end of fiscal year 2013, due to a stabilization of commodity prices and a tightening of monetary policy earlier this year.

The structural reform program has progressed, in particular, important steps have been taken towards the establishment of a Treasury Single Account (CUT), which will enhance the effectiveness of expenditure, the control and treasury management. The IMF also affirmed that efforts to fight against tax evasion should increase to ensure a perception of revenuemore vigorous, which seems essential to compensate a gradual decline of foreign aid. In addition, the continued consolidation of public finance management will allow to associate
more effectively the public spending, growth and poverty reduction. The IMF and the Government of Haiti, will resume their work in January 2014 to finalize the discussions in the framework of the announced reforms.

One of the landmark decisions of the year was the increase of 1% in the reserve requirement on liabilities denominated in gourdes. This was followed by a significant improvement in the business climate, the reduction of production costs by improving business transactions and the reforms needed to promote exports.

In addition, the Bank of the Republic of Haiti (BRH) put on the market 112 million U.S. dollars to stabilize the gourde in 2013 at the request of the government. The exchange rate has experienced stable evolution around 43.71 gourdes.

This year, nearly 50 private investment projects have emerged for an amount of 698 million U.S. dollars, whose 473 million from domestic investors and 225 million from foreign investors, an increase of over 25% compared to last year. https://www.haitilibre.com/en/news-10138-haiti-economy-25-increase-in-investment-in-haiti-2012-2013.html Advances that are not only due to the rationalization of government spending but also to the economic reforms (the fight against corruption and smuggling, among others), and the reform of public finances.

The increase in agricultural supply, including the production of food grains and food, played a leading role in the stability of market prices and the reduction of inflation during the year 2013. The government, in its desire to boost agriculture, will continue to support the farmers, who are invited to work together in order to benefit from the "Participation Fund" inserted into the budget of the Republic for this purpose. https://www.haitilibre.com/en/news-10085-haiti-economy-improvement-of-public-finance.html

Note that exports increased by nearly 20% in 2013 and the budget deficit is under control. The Prime Minister urged all state entities to combine their efforts to keep this year's performance and improve them during 2014.

The government wants to double the "per capita" income in order to lift people out of poverty, said the Head of Government, which intends to achieve a growth rate of 2 digits stated "This is achievable !"

He also said that at industrial level the manufacture of food products, wood, chemical and metallurgical works grew respectively by 6.5%, 12.6%, 9.4% and 19.2%, a good performance of all industries in this sector, including the sale of motor vehicles (2.2%), wholesale food products (7.1%), appliances, articles and equipment for domestic (2.8%) and hardware (7.7%), highlighting a positive decline of the index of the average value of imports by 2.1% yoy and 2.6% compared to last quarter.

There is still some road ahead but prospects remain excellent for 2014, the country being under construction, is in a better position than last year and is growing.

HL/ HaitiLibre

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